Transocean Inc. Announces Resolution to End Nigerian Labor Strike

May 2, 2003

HOUSTON--(BUSINESS WIRE)--May 2, 2003--Transocean Inc. (NYSE:RIG)
today said that a communique has been issued by the Nigeria Labour
Congress that instructs striking personnel to cease their action and
allow personnel to depart the four company drilling rigs involved in
the labor dispute offshore Nigeria. Striking personnel are now
cooperating and have granted access to the rigs, and the company has
begun transporting non-essential personnel to shore. Arrangements are
also being made to replace essential personnel whose earlier planned
departure had been delayed by the strike.

The jointly signed communique was issued as the result of a
meeting today in Abuja, Nigeria, chaired by the Nigeria Labour
Congress and attended by Transocean management, leadership of local
and national labor unions, the Federal Ministry of Labour and
Productivity and the Nigeria National Petroleum Corporation. The labor
unions represented at the meeting were the National Union of Petroleum
and Natural Gas Workers of Nigeria (NUPENG), whose local branch was
responsible for the strike, and the Petroleum and Natural Gas Senior
Staff Association of Nigeria (PENGASSAN). The situation on all four
rigs remains calm and orderly.

The strike by members of the local branch of NUPENG began on April
16 on the semisubmersible M.G. Hulme, Jr. and on April 19 on the
semisubmersible rig Sedco 709 and the jackup rigs Trident VI and
Trident VIII. The strike was allegedly called to protest disciplinary
proceedings against certain personnel belonging to NUPENG.

Statements regarding the completion of efforts to resolve the
labor strike, as well as any other statements that are not historical
facts, are forward-looking statements that involve certain risks,
uncertainties and assumptions. These include but are not limited to
operating hazards and delays, risks associated with international
operations, actions by customers and other third parties, the future
price of oil and gas and other factors detailed in the company's most
recent Form 10-K and other filings with the Securities and Exchange
Commission (SEC), which are available free of charge on the SEC's
website at www.sec.gov. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those indicated.

Transocean Inc. is the world's largest offshore drilling
contractor with more than 170 full or partially owned and managed
mobile offshore drilling units, inland drilling barges and other
assets utilized in the support of offshore drilling activities
worldwide. The company's mobile offshore drilling fleet is considered
one of the most modern and versatile in the world with 13
fifth-generation semisubmersibles and drillships, 15 other deepwater
semisubmersibles and drillships, 32 mid-water semisubmersibles and
drillships and 55 jackup drilling rigs. Transocean Inc. specializes in
technically demanding segments of the offshore drilling business,
including industry-leading positions in deepwater and harsh
environment drilling services. With a current equity market
capitalization in excess of $6 billion, the company's ordinary shares
are traded on the New York Stock Exchange under the symbol "RIG."